Evergrande founder Hui Ka Yan sentenced to life in prison, personal assets seized

1. 1Hui Ka Yan, founder of Chinese real estate giant Evergrande, has been sentenced to life in prison and had all of his personal assets confiscated.
2. 2In April, Hui pleaded guilty to charges including embezzlement and corporate bribery, and the court imposed a fine of 15.82 billion yuan ($2.35 billion) on the group's affiliates.
3. 3The sentence marks a pivotal moment in the fallout from Evergrande's collapse, which has rattled China's property market and dealt a blow to investors and domestic banks.

Source BBC +1 · View original ↗

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